With the Holiday season upon us, most of us would rather think about family gatherings, the aroma of pumpkin pie, holly and mistletoe. As a small business owner, though, we may need to add one important task to our list of festivities – a year-end business review. Here are a few tips to help business owners gain a better tax outlook:
- Be aware of any tax law changes that may impact your business by consulting with your accounting and reading news headlines
- Make organizing business transactions easier by automating the processes of transaction input, classifying, and bank reconciling. Use an accounting software like QuickBooks that syncs with your bank and credit card accounts.
- Consider deferring income and accelerating expenses. (Don’t understand how? Ask your accountant.)
- Evaluate which accounting method is right for your business – Accrual or Cash.
- In addition, consider contributing to a qualified local charity. Tax breaks are great but, coupling with community support is even better.
- Finally, remember the IRS has changed the fling date for all W-2’s. They are now do on January 31.